SINGAPORE- Chicago wheat futures edged higher on Thursday, with prices rising form their lowest in six months on bargain-buying, although pressure from newly harvested supplies capped gains.
Soybeans and corn ticked lower on forecasts of improved US Midwest weather for crops, which have suffered from intense heat in recent weeks.
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.7 percent to $7.69 a bushel, after dropping on Wednesday to its lowest since early February at $7.52 a bushel.
Soybeans lost 0.3 percent to $13.65-1/2 a bushel and corn gave up 0.6 percent to $5.92-3/4 a bushel.
The wheat market came under pressure this week, as fresh supplies from the Northern Hemisphere entered the market.
The first grain vessel to leave a Ukrainian sea port since the start of the war was inspected in Turkey on Wednesday before its onward journey to Lebanon, but Ukrainian President VolodymrZelenskiy said this was only a fraction of what Kyiv needed to export.
Romania’s wheat harvest is large enough to cover its domestic needs and ensure a surplus for exports, Agriculture Minister PetreDaea said on Wednesday, with 96 percent of the crop reaped so far. — Reuters
